All Forum Posts by: Dennis Muno

Want financing for your real estate investment?Want multiple options? Why not work with a mortgage broker with 180+ lenders? Unlike banks/lenders I have access to 180+  lenders to shop from to get you the best deal. I shop till I find you the best deal!

Whatever financing you need: hard money, private money, bridge, conventional loans, commercial loan, land loans, even residential, I will shop with numerous lenders to provide you with financing bids for your project. Banks can't do that. I can! The more lenders I shop with, the better and cheaper your financing will likely be.

Got a bank/lender who has given you a quote? Why not let me shop with multiple lenders and get you quotes? You lose nothing and decide whatever financing is best for you. You also get options.

It will be an honor to serve you!

Contact a mortgage broker. A mortgage broker will be able to shop with multiple lenders(usually 20+) to get you the best DSCR deal possible.Some lenders they find may be able to work with your situation. Who knows?

You should contact a mortgage broker. A mortgage broker will be able to shop with 20+ lenders, get you many offers to compare, and in the process get you a great deal. 

 Hello Kiara,

I would say you should contact a mortgage broker. Mortgage brokers usually have 50+ lenders they can call on to try and see who offers financing for a cashout refi in Puerto Rico. I would say contact a mortgage broker as they can shop for you and present you with multiple offers. You then decide with cashout refi option is better and then go ahead with it

So, DSCR loan allow you to purchase/refinance a rental property based on the income of the property. This is good because you do not need money down for the loan. You may need to put down very little just for the closing costs related to the loan but that's it. Most investors find this to be a wonderful loan because they don't need to put 25% down on a property everytime.

DSCR lenders just want a great DSCR ratio on your property(a DSCR ratio of 1 and above). DSCR ratio= Monthly rent/monthly PITI(principal,interest,taxes,insurance). If your ratio is 1 and above most lenders will lend to you.

Regarding where you can get it, many lenders offer these loans. You can also talk to a mortgage broker to get shopping with many lenders to find you a multiple DSCR loan options.

If you are looking to purchase or refi your rental properties without a whole lot of money down, this is a great way to do it.

Yes, rate are going down. The type of loan you do get also matters. for government backed loans like FHA and VA, there is some pricing starting in the high 5%(5.6% and above). Conventional loans are a little more expensive now at 6.5% and above. I would say the only way to win would be to shop around multiple lenders if you do need a loan, and find out the best loan interest rate and terms for you

An LLC is good to hold your rental properties in. It allows you to hold your properties while limiting your legal liability and also allowing you to save money on taxes depending on your real estate strategy. I would recommend that strongly

Given that some of your income isn't documented but you want to start investing(great idea!), I would say that you should consider getting a DSCR purchase loan. For DSCR loans, you qualify based on your DSCR ratio and your credit(to a lesser degree), not income.

DSCR ratio= monthly rent collected/monthly PITI. Lenders usually lend to anyone with a DSCR above 1. The higher the DSCR ration the better your terms and the better your DSCR allow.

A DSCR loan will allow you to proceed with buying your first property without a whole lot of documented income

An LLC is good to hold your rental properties in. It allows you to hold your properties while limiting your legal liability and also allowing you to save money on taxes depending on your real estate strategy.

Given that some of your income isn't documented but you want to start investing(great idea!), I would say that you should consider getting a DSCR purchase loan. For DSCR loans, you qualify based on your DSCR ratio and your credit(to a lesser degree), not income.

DSCR ratio= monthly rent collected/monthly PITI. Lenders usually lend to anyone with a DSCR above 1. The higher the DSCR ration the better your terms and the better your DSCR allow.

A DSCR loan will allow you to proceed with buying your first property without a whole lot of documented income

Well for the three options you have listed, I would recommend you compare all three and decide what is the upside vs the downside of each one. I would also recommend you consider the cost to undertake vs opportunity cost of not undertaking that process.

Once you compare all I can say you should have a decision which should be beneficial for you and your family

 Hello Kimberly,

I feel you should work with a mortgage broker. They will usually have access to 50+ lenders each with their multiple loan programs for you to compare. This widens your net and the chance of you finding a deal

Regarding financing, most banks/ lenders make loans to then resell later on the secondary market. There are very few lenders who don't resell their loans.That is how lending for most lenders works in the US.

I feel a better way to look at things would be which lender can give you as much financing as you need, with rates as low as possible, best terms, and the lowest monthly payment possible.